From what I gather the entire video memory is not mapped to the VAS (using DX9 while on a 64bit system using a 32bit app flagged LAA).
Regardless of that tweak, in any DX9 application, the entire video memory is never allocated, only the one actually needed by the application.
This means that, when we measure the FSX RAM allocation using for example Process Explorer, we are measuring the entire memory requirement, including a part that it's also used by the video card.